OSC publishes Summary Report for Dealers, Advisors and Investment Fund Managers

TORONTO – The Ontario Securities Commission (OSC) today published its summary report for dealers, advisers and investment fund managers, which provides information to help registrants comply with requirements under Ontario securities law.

The report discusses important matters impacting registration, outcomes from compliance reviews and areas of focus for the OSC’s Compliance and Registrant Regulation Staff in the coming fiscal year.

The report also highlights critical policy initiatives affecting registration, including the implementation of the Client Focused Reforms and recent guidance published by Canadian securities regulators setting out the requirements for crypto-asset trading platforms to commence registration.

“This year, OSC staff conducted compliance, financial disclosure and conduct reviews remotely as a result of the pandemic,” said Debra Foubert, Director of Compliance and Registrant Regulation at the OSC. “Our staff have shown tremendous resiliency in response to challenges brought on by this new work environment and remain devoted to serving our markets as efficiently as possible.”

Key initiatives from this past year included the 2020 Risk Assessment Questionnaire (RAQ) and the COVID-19 Survey, which collected information from registrants to better understand the initial impacts of the pandemic on their operations.

This coming year, the OSC’s compliance review activity will prioritize firms identified as high-risk through the RAQ process, Client Focused Reforms implementation, firms offering online advice or online dealer platforms and the registration of crypto-asset trading platforms.

The OSC’s Registrant Outreach program continues to hold virtual sessions, allowing individuals and firms to hear first-hand from the OSC about compliance-related matters. Visit the Registrant Outreach webpage to access the Topical Guide for Registrants, a listing of Director’s decisions, or to obtain information about upcoming educational webinars.

OSC Staff Notice 33-752 Summary Report for Dealers, Advisers and Investment Fund Managers can be found on the OSC’s website

The mandate of the OSC is to provide protection to investors from unfair, improper or fraudulent practices, to foster fair, efficient and competitive capital markets and confidence in the capital markets, to foster capital formation, and to contribute to the stability of the financial system and the reduction of systemic risk. Investors are urged to check the registration of any persons or company offering an investment opportunity and to review the OSC investor materials available at http://www.osc.ca.

Source: OSC